The merger, the biggest update in the history of Ethereum that will change the cryptocurrency to proof-of-stake consensus, it is almost complete.
Ethereum org publishes notes on 8 misconceptions about the Ethereum merger. Will not result in lower gas rates; transaction speed will mostly remain the same at layer 1; Sake withdrawals are not yet enabled with The Merge and more. https://t.co/3bPhg7nW2b
— Wu Blockchain (@WuBlockchain) August 17, 2022
The final testnet, Goerli, was successfully merged over the past week. The expected TTD, or timeline for the mainnet meltdown, which was confirmed by the creator of Ethereum Vitalik Buterinit was given by Ethereum engineers on September 15 or 16.
The total difficulty of the terminal has been set to 587500000000000000000000.
This means that the Ethereum PoW network now has a (roughly) fixed number of hashes to mine.https://t.co/3um744WkxZ predicts that the merger will occur around September 15, although the exact date depends on the hashrate. pic.twitter.com/9YnloTWSi1
— vitalik.eth (@VitalikButerin) August 12, 2022
Following this, the ethereum price retested the $2,000 mark as optimism mounted.
With great expectations, the ethereum team seeks to debunk some common “misconceptions” about fusion. Some of these include assumptions that the Merger will lower gas rates or cause downtime for the chain, among several others.
The “Merger” may not result in lower gas rates
According to the ethereum team, the next Merge update is unlikely to result in lower gas rates. He noted that the merger is still a change of consensus mechanism, not an expansion of network capacity.
It establishes that gas prices are the result of network demand in relation to network capacity. By moving from proof-of-work to proof-of-stake consensus, the merger does not drastically alter any factors that directly affect network performance or capacity.
He offers a hint as to how he intends to solve costly gas fees: “With an accumulation-focused roadmap, efforts are focused on scaling user activity at layer 2 while enabling the layer 1 core network as a secure decentralized settlement layer optimized for cumulative data storage to help make cumulative transactions exponentially cheaper.” The transition to proof of stake is a critical precursor to achieving this.
Another misconception he tried to debunk was that the Merge would resolve current network congestion, with the assumption that “transactions will be noticeably faster after The Merge.” He stated that this may not be true as the speed of the transaction will be mostly the same at Layer 1. He states that some slight changes may occur in the time to be included in a block and the completion time, which determines the speed of the transaction, but this may not be the case. be noticeable to users.
Other misconceptions such as merging leading to on-chain downtime and those related to withdrawing staked ETH were also addressed.
At press time, Ethereum was trading at $1,890.
